Consortia Studies: The Modern Teaming Model: Evolution and Best Practices
Our completed consortia studies are a great way to access actionable research insights on the industry’s most pressing questions and trends. Purchasing a below study will give you and your team access to the full research report and key findings.
The Modern Teaming Model: Evolution and Best Practices
The distribution landscape continues to evolve and team-based models are one way that companies are driving profitable growth as well as supporting advisor recruitment and retention efforts. There is a need to better understand the prevalence of teaming, the models used (e.g. referrals, partnership/joint work, adoption/apprenticeship, formal teams), how they are being applied and compensated, the impact each model has on metrics like productivity, recruitment, and retention, and which models financial professionals prefer. This study provides quantitative and qualitative insights from both field leaders and financial professionals.
Report Details
Report 1: Field Leader Report Outline
Project Background, Objectives, and Methodology
Team-Based Models and Definitions
Sample
Executive Summary and Key Findings
Teaming Structures
Prevalence and Modes of Teaming
Formal Teams
Branding and Doing Business As (DBAs)
Impact of Teaming
Key Factors of Success
Teaming Performance
Teaming's Intangible Benefits
Challenges
Top Challenges
Lessons Learned
Solutions
Support and Resources
Home Office Support
Field Leadership's Role
Additional Resources to Enhance Teaming Strategy
The Future of Teaming
The Evolution of Teaming
Considerations to Take Forward
Report 2: Financial Professional Report Outline
Project Background, Research Objectives & Methodology
Team-Based Models and Definitions
Sample
Executive Summary and Key Findings
Teaming Models in Play
Prevalence of Teaming
Teaming Trends
Years of Experience Before Teaming Trends
Life Before Teaming
Reasons and Motivations for Teaming
Team Organization (client type, region, product, channel)
Team Composition (number and types of roles)
Formal vs. Informal Teams
Team Size
Formal vs Informal Teams
Team Tenure
Shared Team Operations
Client Assignment
Compensation Structure
Sales Revenue
Support Staff Compensation
Support and Resources for Teaming
Available Team Support
Most Important Team Support
Satisfaction with Level of Support
Areas of Opportunity for the Home Office to Provide Better Support
Types of Support and Resources
What Financial Professionals Wish For
Challenges and Obstacles
Obstacles in Forming or Maintaining a Team
Top 3 Challenges of Teaming
Qualitative Commentary on These Challenges
Impact of Teaming
Degree of Impact of Teaming: Formal vs. Informal Teams
Success Planning
Biggest Impact of Teaming on Career
Successful Characteristics of a Team
Success Factors
Opinions of Financial Professionals Not on Teams
History of Teaming and Reasons for Leaving Team
Receptivity to Joining a Team
Interest in Joining by Team Type
Reasons Why Not Interested in Joining by Team Type (Referral, Partnership/Joint Work, Adoption/Apprenticeship, Formal Team
Future of Teaming
Advice to Other Financial Professionals
Formal vs. Informal Teams
Considerations for Carriers
Sample Details
Field Leader Sample Details
30-minute in-depth interviews with 14 field leaders who represent:
Affiliated General Agency
Affiliated Managerial Agency
Brokerage General Agency
Fraternal Agency
Independent Broker-Dealer
Multi-Line Exclusive Agency
Financial Professional Quantitative Sample Details
Total N=399 (Financial Professionals on Teams N=304 / Financial Professionals Not on Teams N=95)
Respondent Criteria:
State Life Insurance License
>1 Year of Experience
>$50,000 Annual Gross Income
57% Male / 42 % Female
Generation:
Gen Z (1997-2010) = 5%
Millennial (1981-1996) 37%
Gen X (1965-1980) = 40%
Boomer+ (1944-1964) = 19%
Years of Experience
Low (1<5) =20%
Medium (5<20) = 46%
High (20+) = 34%
2023 Gross Income:
Low ($50K-99K) = 40%
Medium ($100K-$199K) = 38%
High ($200K+) = 23%
Current Position:
Independent Agent = 53%
Affiliated Agent = 15%
Broker Dealer = 15%
Other = 17%
80% Insurance /20% Investments
Financial Professional Qualitative Sample
30-minute in-depth interviews with 14 financial professionals
Who Should Purchase this Study: Distribution leaders
